February 27, 2014 / 7:20 AM / 3 years ago

RBS to refocus on UK after $13.6 bln 2013 loss

1 Min Read

LONDON, Feb 27 (Reuters) - Part-nationalised Royal Bank of Scotland said it would refocus on serving British customers after reporting an 8.2 billion pound ($13.64 billion) loss for 2013, hit by restructuring costs and misconduct charges.

The bank, which is 81 percent-owned by the government, said it would cut operating costs by 5.3 billion pounds over the medium term. It will also lift the proportion of its assets based in Britain to 80 percent from 60 percent.

RBS risked a political backlash by saying it would hand out 576 million pounds in staff bonuses for 2013, down 15 percent on the year before.

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